Markets and government offices will be closed Thursday in observance of Thanksgiving Day. Consequently, Pro Farmer will not issue any updates. On Friday, markets will operate on an abbreviated schedule, closing early at 12:05 p.m. CT. Due to the shortened trading day, Pro Farmer will provide two essential reports:
- “First Thing Today": Delivered Friday morning around 8:00 a.m. CT.
- “After the Bell": Highlighting the day’s price action after the early close.
We will resume our normal publishing schedule on Monday. The team at Pro Farmer extends warm wishes for a Happy Thanksgiving.
GRAIN CALLS
Corn: 1 to 3 cents higher.
Soybeans: 1 to 3 cents higher.
Wheat: Steady to 2 cents higher.
GENERAL COMMENTS: Corn, soybeans and wheat favored the upside in overnight trade but technical resistance is limiting gains in each market. Bulls are looking to push prices above the overnight highs, but low volume overnight trade is likely to hinder their efforts. Outside markets are mixed this morning as front-month crude oil futures are modestly higher while the U.S. dollar index is around 250 points higher.
President Trump said on Tuesday he urged Chinese President Xi Jinping to increase the speed and size of agricultural purchases and said Beijing had “more or less agreed” to do so, said a Bloomberg report. “I think he’s going to very much surprise you on the upside,” Trump told reporters aboard Air Force One on Tuesday. “I think he’s going to — I asked him, ‘I’d like you to buy a little faster, I’d like you to buy a little more.’ And he’s more or less agreed to do that.” Trump and Xi held an hour-long phone call on Monday to discuss trade and ongoing tensions between China and Japan over Taiwan. “The two nations aim to agree on terms for general licenses that China pledged to offer for U.S.-bound exports of rare earths and critical minerals by month’s end. Trump is also hoping to speed Chinese purchases of U.S. soybeans after an effective boycott for most of the year in response to his expanded tariffs,” Bloomberg said.
Another heavy slate of U.S. economic data is due out today, including the weekly jobless claims report, durable goods orders, the second estimate of third-quarter GDP, the advance economic indicators report, the Chicago ISM business survey, personal income and outlays (including the key inflation gauges), new residential sales, the weekly DOE liquid energy stocks report, and the Federal Reserve’s beige book.
CORN: March corn futures climbed higher overnight. Resistance persists at $4.41 1/4, the 40-day moving average, then $4.46. Support stands at $4.35 on a reversal lower.
SOYBEANS: January soybeans favored the upside overnight. Bulls are eyeing resistance at $11.28 1/2, the 10-day moving average, which has limited the upside all week. Additional resistance stands at $11.40. Support comes in at $11.19 3/4 on a reversal lower.
WHEAT: March SRW wheat saw action on either side of unchanged overnight. Bulls are eyeing resistance at $5.42 3/4, the 40-day moving average. Support stands at this weeks low of $5.31 3/4 on a push lower.
LIVESTOCK CALLS
CATTLE: Choppy/higher.
HOGS: Choppy/lower.
CATTLE: Live cattle futures are expected to open with a modestly firmer tone on corrective buying. Futures continue to be oversold, but weakness in the cash market continues to undercut prices. Cash cattle trade initiated at $208.00 this week, a sharp decline from a week ago. Wholesale beef ended Tuesday mixed as choice slid 40 cents to $470.09 while select rose 42 cents to $355.93. Movement totaled an impressive 215 loads.
HOGS: Lean hog futures are expected to open with a mostly weaker tone as technical resistance is likely to encourage bears. Bulls tried and failed to push prices above the 10-day moving average Tuesday, which stands as stiff resistance. The CME lean hog index fell another 80 cents to $82.81 as of Nov. 22, continuing the seasonal decline. Pork cutout slid $1.53 to $92.25 Tuesday, led by losses in picnics and bellies.